Thread by @LarriesNg

#PsychedelicsAnonymous has been all the rage in the past week, with its genesis collection rising from a 0.088 mint price to a floor price of close to 2ETH.

But what's going on behind the trading scenes? Why has the floor price plunged? You'll have to read on to find out. (1/10)

Let's begin with the basics. According to my buddy @nansen_ai, the chart was moving as per normal. At the beginning, we see huge volumes of ETH coming in, with the sales picking up quick, as we edge towards the reveal date, the floor price builds. (2/10)

Unsurprisingly, right before the reveal, we see a spike in volume, and in post reveal, volume drops, as we see more panic listings coming to OpenSea, with paperhands selling, undercutting one another causing the floor price to dip. (3/10)

At the current floor price of 0.95, with an average price of 1.24ETH and over 6.3K ETH in traded volume, the project is pretty much oversold. But this drop in floor price is not just because of your normie traders. Several whales are causing the big waves. (4/10)

Because looking at the balance of diamond-handed NFTs, you'll see that the number sits at a whopping 8,133 / 9595! That 84.76% of the total supply - with only 15.24% of NFTs up for sale, shouldn't the floor climb easy? (5/10)

Unbeknownst to many, smart money's always' here to play. Looking at the beautiful chart below you'll see that a few mighty whales took the opportunity and dumped hundreds of #NFTs on the market in the past few days, profiting in the MILLIONS. (6/10)

While that happens, several wallets bought high and sold low. Here's a lesson for the newbies - If you're a small player, remember why you're buying into a project in the first place. Whale manipulation on the hyped NFTs and short-term price fluctuation is inevitable... (7/10)

Letting your investments go at a lower price than you bought in only shows your lack of research and commitment to the project. I've never understood why people sell on a short-term loss when a project has just begun. (8/10)

So where do I see the price going? With more than 85% of diamond-handed NFTs, I'm expecting this to take another bullish run once the next milestone announcement comes up again. (9/10)

However, at the current listings of more than 1,800 NFTs, the build-up is not going to be a quick one. There are 701 NFTs to clear before we get back to the 2ETH floor once again. I'm here to stay, but @BAYC2745 @psychedelic_nft what's the play?❤️ (10/10)